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Mortgage shortfall advice needed
beej
Posts: 11 Forumite
I am 3 months away from the end of mortgage term with Halifax with an endowment shortfall of £29000....I know! We have received all the endowment payouts already and used them to reduce the overall amount. I will be 60 in the summer but am now willing to continue working till 65 to pay off this remaining mortgage. What is the best way to do this, bearing in mind that the Halifax agree to an extension? I have a poor credit rating but the monthly amount I have been paying for my mortgage up till now (£540) could be sustained. Any advice would be welcome.
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Comments
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Have you considered equity release?I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
No, I didn’t think that would be an option. Can you give me some positives on that please?0
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Speak to the Halifax as soon as possible. As they'll deal with such requests on a case by case basis.0
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I have been in touch with them over the last year or so and they suggested I wait until a month before end of term to get advice on what they could offer me but that seems rather tight. I guess there must be a lot of folk in my position. I would like to hear their best offer before searching elsewhere. Thanks for your reply.0
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Sounds like they will help in some way then. Plenty of people in the same position as yourself. The peak of interest only redemptions has yet to be reached. Some years off yet. Lenders have a duty of care towards their borrowers. In their interest to find an agreeable solution if possible.0
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Be sure to take independent financial advice if you do wish to consider equity release. If you have dependents named in your will it can greatly reduce how much they might receive if your house is sold after death.0
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Can you use part of your pension lump sum?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
I have too many other commitments to retire now even with the lump sum and also have mentally prepared myself to work on. I do enjoy my job and so would rather try and sort out a deal.0
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I have too many other commitments to retire now even with the lump sum and also have mentally prepared myself to work on. I do enjoy my job and so would rather try and sort out a deal.
One option would be to extend the term of the mortgage to the date you expect to receive your pension lump sum.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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